Ann: Toamasina Graphite Project Update, page-4

This will need an arbitration decision because any mediation or conciliation will not cut the mustard based on past deals. There can be no meeting of the minds in terms of legal consideration IMO, unless the arbitrator makes the decision. It is my opinion and not advice, that CGM hold the upper hand. Evidence and proof, not hearsay only count in these proceedings. Arbitration is not subject to court delays and should wrap up quickly once commenced. Don't expect it to happen over Xmas. Others will take advantage of the prices in the meantime and play with sentiment. I view it as a setback in the short term once the sting and emotion has subsided. We will move forward.